Although a number of Vietnam ’s traditional markets have shrunk due to the global financial downturn, Africa and the Middle East are offering attractive opportunities for Vietnamese goods.
The Vietnamese Ministry of Industry and Trade (MoIT) said that the two regions have diverse needs while their requirement on goods quality is not strict.
According to officials at the MoIT’s African-Southwest Asian Department, consumers in the Middle East enjoy higher incomes and there is a big demand. Also, countries from the region are now tending to invest and trade more in Asia, including Vietnam .
The department also reported that Vietnam ’s exports to the Middle East are rising, reaching around 1.27 billion USD in 2008, up 80 percent year-on-year.
Both sides are firming up links to promote trade in the 2008-2015 period as to raise two-way trade to 3.1 billion USD in 2010 and 9.6 billion USD in 2015.
In Africa, Vietnam ’s goods benefit from many preferential policies. Vietnam ’s exports to the region made up 1.33 billion USD of two-way trade worth more than 2 billion USD in 2008.
The nation’s export revenues to the region recorded a year-on-year rise of 49 percent despite a sharp decrease in the total export turnover in the first seven months of the year.
Africa imports rice and food from Vietnam and exports wood, cotton, raw cashew nuts, metals and gold to Vietnam .
Despite its many advantages, the value of Vietnamese exports to Africa and the Middle-East remains small due to unstable security and political situation in many countries in both regions, said the deputy head of the department Nguyen Cong Hien.
The lack of information has resulted in many Vietnamese businesses having a poor understanding of the two markets.
That’s why businesses are hoping the ministry will open more commercial offices in the Middle East and Africa , provide updated market information and assist entrepreneurs in exploring the market and promoting trade activities./.